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117 Wading Bird Cir Unit A101 🌊 Lakefront
D+ Composite 45.47
Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

  • ARV discount +15.0/15.0
  • Schools +7.7/10.0
  • Cash flow +7.3/30.0
  • Livability +4.0/5.0
  • Condition / age +4.0/5.0
  • 1% rule +3.8/10.0
  • Rent growth +2.2/5.0
  • DSCR +1.5/10.0
  • Appreciation +0.0/10.0

$268,000

117 Wading Bird Cir Unit A101 · Naples, FL 34110
2 bd · 2.0 ba · 1,083 sqft · Condo · 51 Days on market
Built 1991 Good condition $247/sqft · 26% below area Est $361k · 26% under · waterfront $361/mo HOA · 15% of rent ↓ 7% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

One or more photo(s) has been virtually staged, AI generated or rendered. One or more photo(s) has been virtually staged, AI generated or rendered. One or more photo(s) has been virtually staged, AI generated or rendered. Welcome to Piper's Pointe in the highly desirable Palm River community of North Naples! This beautifully maintained first floor end unit condo offers 2 bedrooms, 2 bathrooms, plus an open den/flex space perfect for a home office, reading area, or additional guest accommodations. Enjoy peaceful lake views from your private screened lanai while taking advantage of the added privacy and natural light only an end unit can provide.

Key facts

  • Clubhouse
  • First floor end unit
  • Open den flex space

Tags

FIRST FLOOR END UNITPRIVATE SCREENED LANAIPEACEFUL LAKE VIEWSOPEN DEN FLEX SPACECOMMUNITY POOLSCLUBHOUSE

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2-bed/2.0-bath condo listed at $268k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-424 ($-5k/yr) — negative.
  • To cash-flow at today's rent, offer at most $207k (22.9% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (12.4% below list).
  • Recommended offer: $207k (22.9% below list) — sets the bar for cash-flow.
  • Cap rate 4.7% vs local median 2.4% in Naples — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

  • Location reads 80/100 on livability (#126 in FL, #1,903 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute D+, cost of living F.
  • Collier (suburban): math 60% / reading 56% proficiency, ranked #16 of 73 in FL (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
  • Zoned schools: Veterans Memorial Elementary School (math 78% / reading 79%, grade A, #141 of 2,144 statewide, top 7%, 743 students, 22% FRL); North Naples Middle School (math 79% / reading 73%, grade A, #34 of 571 statewide, top 6%, 903 students, 25% FRL); Gulf Coast High School (math 57% / reading 68%, grade B-, #93 of 667 statewide, top 14%, 2,447 students, 20% FRL) — zoned schools average 22% FRL vs 55% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
  • Zoned-school proficiency averages 72% at this address vs 58% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Collier average implies; a family-tenant draw the district grade alone would hide.
  • Market conditions: Rents soft (-1.1%/yr); 678 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).

Forward outlook

  • Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
  • Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

  • It's been on market 51 days — a 3% lower offer ($260k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: flood insurance adds $66/mo.
  • Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→33/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer $206,586 (22.9% below list)

Questions for the listing agent

  1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
  2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
  3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
  4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
  8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
  9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
  10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
  11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
  12. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
  13. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
  14. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule
0.88%
Cap rate
4.69%
Cash-on-cash
-5.72%
DSCR
0.75
GRM
9.5

CMA / ARV

ARV (median comp)
$361,347
List price
$268,000
Delta
-25.83%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold
IRR
-32.3%
Equity multiple
-0.03×
Total profit
$-77,043
Equity at exit
$39,960
10-year hold
IRR
-66.7%
Equity multiple
-0.70×
Total profit
$-127,279
Equity at exit
$23,172

Cash invested: $75,040 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

Overall (STATE)
87 Strongly Landlord-Friendly
State Florida
87 Strongly Landlord-Friendly · R+3
County
— inherits STATE
City
— inherits STATE
3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Active competition Active MLS

For sale now
21 active · 5 under contract
Median asking
$298,000 ($251/sqft)
Median days on market
68 d
This list price
29% of active listings are priced below it
ARV vs active asking
+32.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 34110

Rents YoY
-1.1%
Active inventory
678
Price-to-rent
9.5×

Monthly cashflow live

Estimated rent
$2,348 high interval (Pro) →
Mortgage (P&I)
$1,405
Tax est. 1.5%
$335 /mo · $4,020/yr
Insurance
$112
Flood insurance flood zone
−$66 /mo · $798/yr
HOA
$361
Vacancy / Maint / Mgmt
$493
Net cashflow
$-424

Break-even live

Break-even rent $2,886
Max offer price $206,586
Occupancy floor

Sensitivity live

Price -10% $-239 -5% $-332 +0% $-424 +5% $-517 +10% $-610
Rent -10% $-610 -5% $-517 +0% $-424 +5% $-332 +10% $-239
Rate -1.0pp $-289 -0.5pp $-356 base $-424 +0.5pp $-494 +1.0pp $-565

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

Down payment
$67,000
Closing costs
$8,040
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
113 Wading Bird Cir #206 Naples, FL 2.0 2.0 1210 $1,800 $1.49 63d 1 0.04mi
113 Wading Bird Cir Unit W-204 Naples, FL 2.0 2.0 1084 $3,000 $2.77 63d 1 0.04mi
185 Grand Oaks Way Unit R204 Naples, FL 2.0 2.0 1200 $2,000 $1.67 72d 1 0.10mi
185 Grand Oaks Way Unit R204 Naples, FL 2.0 2.0 1200 $2,000 $1.67 63d 1 0.10mi
137 Wading Bird Cir Unit 104 Naples, FL 2.0 2.0 1150 $1,800 $1.57 72d 1 0.13mi
137 Wading Bird Cir Naples, FL 2.0 2.0 1085 $1,650 $1.52 72d 1 0.16mi
145 Cypress Way E Unit East145A Naples, FL 2.0 2.0 1377 $2,300 $1.67 72d 1 0.21mi
135 Cypress Way E Unit C Naples, FL 2.0 2.0 1377 $2,350 $1.71 63d 1 0.21mi
157 Wading Bird Cir #104 Naples, FL 2.0 2.0 1000 $1,300 $1.30 72d 1 0.23mi
151 Cypress Way E Naples, FL 2.0 2.0 1350 $1,200 $0.89 72d 1 0.26mi
110 Cypress Way E Unit F5 Naples, FL 2.0 2.0 1390 $1,750 $1.26 72d 1 0.26mi
138 Pebble Shores Dr #103 Naples, FL 2.0 2.0 1042 $2,450 $2.35 63d 1 0.28mi
120 Pebble Shores Dr #106 Naples, FL 2.0 2.0 1132 $6,000 $5.30 63d 1 0.30mi
124 Cypress Way E Unit E5 Naples, FL 2.0 2.0 1390 $2,000 $1.44 72d 1 0.30mi
2385 Naples Trace Cir #2 Naples, FL 2.0 2.0 1000 $1,900 $1.90 72d 1 0.31mi
186 Pebble Shores Dr #103 Naples, FL 2.0 2.0 1042 $2,500 $2.40 72d 1 0.33mi
144 Cypress Way E Unit 701 Naples, FL 2.0 2.0 1064 $1,900 $1.79 63d 1 0.34mi
154 Cypress Way E Unit 1102 Naples, FL 3.0 2.0 1150 $2,650 $2.30 63d 1 0.34mi
2215 Chesterbrook Ct #203 Naples, FL 2.0 2.0 1433 $8,000 $5.58 63d 1 0.36mi
681 Palm View Dr Naples, FL 2.0 2.0 1240 $2,100 $1.69 63d 1 0.39mi
1020 Palm View Dr Unit C-104 Naples, FL 2.0 2.0 1008 $2,600 $2.58 63d 1 0.39mi
1020 Palm View Dr Unit 103 Naples, FL 2.0 2.0 1088 $1,750 $1.61 72d 1 0.39mi
729 Palm View Dr Unit D4 Naples, FL 2.0 2.0 1133 $2,250 $1.99 72d 1 0.40mi
2325 Carrington Ct #104 Naples, FL 2.0 2.0 1215 $7,500 $6.17 63d 1 0.40mi
2325 Carrington Ct #202 Naples, FL 2.0 2.0 1200 $8,000 $6.67 63d 1 0.40mi
2345 Carrington Ct Unit 6-102 Naples, FL 2.0 2.0 1213 $1,850 $1.53 72d 1 0.42mi
240 Palm River Blvd Unit C102 Naples, FL 2.0 2.0 1440 $2,995 $2.08 72d 1 0.48mi
2295 Carrington Ct Unit 1-104 Naples, FL 2.0 2.0 1215 $7,500 $6.17 72d 1 0.48mi
2295 Carrington Ct Unit 1-101 Naples, FL 2.0 2.0 1300 $2,000 $1.54 72d 1 0.48mi
849 Palm View Dr #28 Naples, FL 2.0 2.0 1360 $3,000 $2.21 72d 1 0.49mi
241 Palm River Blvd Unit C202 Naples, FL 2.0 2.0 1430 $3,500 $2.45 72d 1 0.51mi
2290 Carrington Ct #202 Naples, FL 2.0 2.0 1183 $7,500 $6.34 72d 1 0.51mi
81 Wickliffe Dr Unit 1073563P Naples, FL 3.0 2.0 1496 $4,681 $3.13 63d 1 0.66mi
10805 Queen Anne Ln #203 Naples, FL 2.0 2.0 1252 $4,800 $3.83 72d 1 0.79mi
9640 Victoria Ln Unit C-305 Naples, FL 2.0 2.0 1191 $4,200 $3.53 63d 1 0.90mi
9828 Luna Cir Unit H203 Naples, FL 2.0 2.0 1216 $2,650 $2.18 63d 1 0.97mi
9580 Victoria Ln Unit A-202 Naples, FL 2.0 2.0 1191 $1,900 $1.60 63d 1 1.03mi
4635 Saint Croix Ln #1214 Naples, FL 2.0 2.0 913 $1,900 $2.08 63d 1 1.11mi
4610 Saint Croix Ln #1027 Naples, FL 3.0 2.0 1196 $4,000 $3.34 72d 1 1.11mi
4620 Saint Croix Ln Naples, FL 2.0 2.0 982 $1,800 $1.83 63d 2 1.13mi

Property features AI

Finance

Other
Part of a complex with 240 units; 8 units in this building; single-floor building
Financial info
Quarterly condo fee (listed)Total annual recurring fees and one-time fees disclosed
HOA & community
Condo-managed associationQuarterly condo feeCommunity amenities include clubhouse, community pool, community spa/hot tub, community room, and BBQ/picnic areaMaintenance covers insurance, irrigation water, lawn/land maintenance, pest control (exterior), sewer, street lights, trash removal, manager, legal/accounting, and reservesNon-gated condo/hotel community

Exterior

Parking
One assigned parking spaceDetached 1-car carport
Security
Manual storm shutters
Utilities
Central sewerWater assessment paidCable available
Home design
Residential condo in a low-rise (1-3) buildingBuilt in 1991Concrete block construction with stucco finishShingle roofRear exposure faces northUnit located in Palm River development (Pipers Pointe), unit 101
Construction
Concrete block constructionStucco exteriorShingle roofBuilt in 1991
Exterior features
PatioStorageLake viewPaved road accessReclaimed irrigation

Interior

Kitchen
Electric cooktopSelf-cleaning ovenMicrowaveDishwasherGarbage disposalRefrigerator / freezerFreezer
Bedrooms
Two bedrooms plus denFirst-floor bedroomSplit bedroom floor plan
Flooring
CarpetTile
Bathrooms
Two full bathroomsMaster bath with dual sinks and shower (no tub)
Heating & cooling
Central electric heatCentral electric air conditioningCeiling fans
Interior features
Cable prewireSmoke detectorsWalk-in closetWindow coveringsEat-in kitchenDen / studyScreened lanai/porchWater treatment system (owned)UnfurnishedTwo ceiling fans
Laundry & utility
Washer and dryer in residence

HOA detail $361/mo · $4,332/yr condo

Assessments
None detected in remarks — confirm with the listing agent.

Listing history 29 events

  1. 2026-07-08
    days on market $268,000 Active 51 DOM
  2. 2026-07-07
    price $268,000 Active 50 DOM
  3. 2026-07-07
    pricedays on market $274,799 Active 50 DOM
  4. 2026-07-06
    days on market $254,799 Active 49 DOM
  5. 2026-07-05
    days on market $254,799 Active 48 DOM
  6. 2026-07-04
    days on market $254,799 Active 47 DOM
  7. 2026-07-03
    days on market $254,799 Active 46 DOM
  8. 2026-07-02
    days on market $254,799 Active 45 DOM
  9. 2026-07-01
    days on market $254,799 Active 44 DOM
  10. 2026-06-30
    days on market $254,799 Active 43 DOM
  11. 2026-06-29
    days on market $254,799 Active 42 DOM
  12. 2026-06-28
    days on market $254,799 Active 41 DOM
  13. 2026-06-28
    days on market $254,799 Active 40 DOM
  14. 2026-06-27
    days on market $254,799 Active 39 DOM
  15. 2026-06-25
    days on market $254,799 Active 37 DOM
  16. 2026-06-23
    pricedays on market $254,799 Active 35 DOM
  17. 2026-06-21
    days on market $274,799 Active 34 DOM
  18. 2026-06-18
    days on market $274,799 Active 31 DOM
  19. 2026-06-17
    days on market $274,799 Active 30 DOM
  20. 2026-06-16
    days on market $274,799 Active 29 DOM
  21. 2026-06-15
    days on market $274,799 Active 28 DOM
  22. 2026-06-14
    days on market $274,799 Active 26 DOM
  23. 2026-06-10
    days on market $274,799 Active 23 DOM
  24. 2026-06-09
    days on market $274,799 Active 22 DOM
  25. 2026-06-08
    days on market $274,799 Active 21 DOM
  26. 2026-06-07
    days on market $274,799 Active 20 DOM
  27. 2026-06-03
    days on market $274,799 Active 16 DOM
  28. 2026-06-03
    remarks 699-char remark
  29. 2026-06-03
    listed $274,799 Active 15 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

  • 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 78% chance over 30 yrs
  • 🔥 Wildfire 1/10 Low
  • 🌡 Heat 10/10 Extreme 8 d/yr ≥107°F today · 33 d/yr by 30 yrs out
  • 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
  • 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$28,179
− Mortgage interest
−$15,012
− Property taxes
−$4,020
− Insurance
−$2,138
− Repairs & maintenance
−$2,254
− Management
−$2,254
− HOA
−$4,332
− Depreciation
−$7,796
Taxable loss
−$9,628
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$2,311
After-tax cash flow
$-2,782/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $5,415–$16,245 screening

This well-maintained first floor end unit condo in Palm River offers a good condition with a good ROI potential for both resale and rental.

Value-add opportunities

  • Both Painting exterior — Enhances curb appeal and resale value
  • Both Landscaping — Improves curb appeal and rental value
  • Both New flooring — Modernizes the space and improves resale value

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 77/100

Zoned Schools

Elementary Veterans Memorial Elementary School A FL #141/2,144 Nat'l #1,513/41,679 Middle North Naples Middle School A FL #34/571 Nat'l #442/14,009

Schools (NCES district)

District
Collier
NCES district ID
1200330
Math proficiency
60% ▼ -4.00%
Reading proficiency
56% ▼ -2.00%
Median HH income
$58,275
Composite
50.23/100
National rank
#1892
State rank
#16 of 73 in FL
A Composite livability gradescore 80/100

Livability — Naples

Score
80/100
State rank
#126
US rank
#1903

Category grades

Amenities A+ Commute D+ Cost of living F Crime A+ Employment A+ Housing C+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

County
Collier County · 420,858 people
City population
344,941
Metro
Naples-Marco Island, FL
Population (ZIP)
25,630
Household income
$97,564
Rent vs Own
23.2% rent · 76.8% own
Severe rent burden
17% of renters

Population outlook (Collier County) Hauer SSP2

Today (2025)
420,858 people
By 2030
450,054 · +6.9%
By 2040
502,232 · +19.3%
By 2050
544,932 · +29.5%
By 2075
627,203 · +49.0%
By 2100
659,015 · +56.6%

Race, ethnicity, and origin ACS 2023

Neighborhood character
Predominantly White (84%)
Race & ethnicity
White 84% Hispanic / Latino 10% Two or more races 9% Asian 2% Black 1%
Hispanic origin (detail)
Mexican 2% Puerto Rican 1% Cuban 3%
Common ancestry
Romanian 4% Lithuanian 3% Slovak 2%
Foreign-born
11% · Canada, South Korea
Languages at home
87% English-only · Spanish 7% Other Indo-European 3% French/Haitian/Cajun 1%

Political lean MEDSL · Collier

2024 margin
Solid R (+33.1) · D 33.1% · R 66.2%
2008→2024 swing
-10.6pp toward R · 2008: -22.5pp · 2024: -33.1pp
All cycles
2024: R+33.1 2020: R+24.7 2016: R+26.0 2012: R+30.1 2008: R+22.5

Not yet ingested

Civics

Price history

-7.3% since first listed
2 events — show timeline
  • 2026-06-22 Price Changed $254,799 NAPLESMLS
  • 2026-05-18 Listed $274,799 NAPLESMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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